Family Business: How to Get Started as a Mompreneur
For many stay-at-home moms, hard work doesn’t pay — that’s why over 71% of women with children under age 18 are seeking new professional opportunities. For these work-from-home hopefuls, a balanced career/family life will be tricky but tricky doesn’t mean impossible. If you plan carefully and keep on top of your health, there’s no reason you can’t become a successful ‘mompreneur.’
Don’t Limit Yourself
A simple point but a crucial one: According to studies, 57% of mom entrepreneurs are 40 years or older and just 40% of small business owners consider themselves to be financially literate. In other words, the most unlikely individuals often make for successful entrepreneurs. Although it’s important to acknowledge your limits, there’s no reason to put any more on yourself. With the help of those around you and experts within the field, it’s possible to offset your shortcomings and succeed against the odds.
It’s hard to overstate the importance of thorough research in achieving business success. This doesn’t just relate to the product itself but also to the market, the structure of distribution, manufacturers, marketing, and online selling. You can never know too much, and research will save you money, help you to gauge the feasibility of success, and understand the landscape before you’ve set foot in it. This can be a time-consuming process but it’s always better to spend time planning ahead than waste time on the wrong thing.
Cover Yourself Financially
The most important consideration before you invest your own time and money in a new venture is financial security. You’ll need to be certain you have enough personal funding to protect yourself and your family from any potential setbacks. This means investing only what you can afford and writing up any potential expenses. One smart strategy is to form an LLC (Limited Liability Company). Doing so is likely to save you money on tax, time spent on paperwork, and reduce your liability for debts and other court judgments. You don’t necessarily need to fork out for a lawyer, either — look into formation services or file it yourself (just make sure to first check your state rules before proceeding).
Prepare Mind and Body
It’s easy to forget the role of a healthy diet and exercise regime in the function of a business and routines are easier to maintain than to develop. Make sure, before you’ve started work, that you’ve developed good habits that work around a life of entrepreneurship. This means keeping on top of daily consumables like coffee to ensure whatever you put in your body is conducive to health — Crushed Tonic offers some wonderful recipes if you’re looking for healthy alternatives to some of your favorite guilty pleasures. Also, remember to keep fit — efficient 20-minute workouts are a great way of moving your body without losing much time.
Consult With Your Family
It goes without saying, when the whole family is behind your decision to start a business, the job becomes a lot easier. But remember, the goal isn’t to convince your family to support your ideas but instead to consult with them and decide as a group whether the idea is good at all. Your loved ones may have valuable insights and, when the decision is reached as a unit, the unit can work together to see it through.
Pursuing a professional career as a mom is no easy feat but if you apply some forward-thinking and a little motherly discipline, you can become a formidable force in the business world and benefit your home life in the process.
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